Serving as a member of the military must have been a proud accomplishment for you and your family. You love your country, your family, and you served your country with all your heart. Now is the time for you to take care of your family. A VA loan will help you get your dream home. A VA loan will help purchase your dream home so that you can spend the rest of your life happily with your family. Before considering a VA loan, you need to know whether you’re eligible for it or not.
Below are important factors that will help you to know whether you qualify for a VA loan or not.
Non-Veterans can also avail the VA home loan program.
Qualifying requirements for a VA loan are relaxed than those for a conventional loan. However, an applicant still needs to have a decent credit score and sufficient income to purchase a home. The home must be used as a primary residence.
There is no minimum credit score to qualify for the VA loan. Instead, the lender needs to review the entire loan profile to make a lending decision.
The VA doesn’t specify a maximum debt-to-income ratio. However, lenders set their own maximum debt-to-income ratio requirements. If the debt-to-income ratio is above some percentage, then you need to have a strong compensating factors, such as:
- High credit score
- Ability to make a down payment
- Increased earning potential
You don’t need to make a down payment. If the purchase price of the home is greater than its appraised value, then you may have to make up for the difference amount.
If you’re looking for a mortgage lender in MA for a VA home loan, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is a Boston mortgage lender that can provide mortgage loans at a low-interest rate. Our home loan officers will help you identify the best mortgage loan based on your financial goals. We are the most preferred mortgage lender in MA. What are you waiting for? Call Drew Mortgage today!